- The license was restored effective 8 June 2022
- Metbank license was revoked on 20 April 2022 for violating Exchange Control Regulations
- About Metbank
Harare- Reserve Bank of Zimbabwe has lifted the suspension put on Metbank to operate as an authorised dealer effective 8 June 2022.
Metbank was suspended on conducting foreign currency operations on 20th April 2022 along with Rolink Finance and Innbucks for breaking the Exchange Control regulations.However, Rolink and Innbucks continues being on suspension.
The suspension denied Metbank to buy and sell foreign currency and processing international and domestic foreign currency transactions.
In a circular released today, RBZ said, “The Reserve Bank of Zimbabwe wishes to advice the public that it has lifted the suspension of Metbank Limited’s authorized dealership license with immediate effect.”
“The lifting of the suspension follows the conclusion of investigations relating to foreign exchange trading which has culminated in the imposition of an administrative fine against Metbank for breaching Exchange Control Regulations.”
Exchange Control Regulations are government imposed limitations through central banks on the purchase and selling of foreign currencies.
These regulations stabilise economies by limiting inflows and outflows of currency within and across national borders, a situation capable of creating exchange rate votality if unchecked.
However, the exchange rate votality in Zimbabwe has been depreciating since the re-introduction of the Zimbabwe dollar in 2019 through to the time of Metbank suspension and to date due to lack of sound economic fundamentals, which are forcing companies to break exchange regulations.
To date, the exchange rate between the US dollar and ZWL on the parallel market has passed the 500 tally against the greenback.
Metbank, formerly Metropolitan Bank of Zimbabwe is a local commercial bank licensed by RBZ that provides financial banking services to the country.
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